(800) 253-1482Colorado Boat Insurance
If you own a boat you know the pleasure of getting in tune with nature through a variety of recreation, but this freedom comes with responsibilities. Colorado boat insurance is protection for your watercraft and your finances that can help you avoid having to pay for a major loss out of pocket. No matter what kind of watercraft you have, there are several perils that could cause you financial hardship.
Freedom Insurance Group is here to help you find the right level of protection through boat insurance in Colorado that keeps you covered for less. There are plenty of options available and our team helps clients save through comparison shopping, established relationships with top brands, and discounts. Learn more about your coverage options and contact us today for a free, accurate quote.
Colorado Boat Insurance Requirements
Do you need boat insurance in Colorado? Legally, no. But that doesn’t mean that you don’t need the coverage. If you own a boat, Colorado boat insurance is an important protection that can help you protect your watercraft as well as your finances.
Boat insurance isn’t required in Colorado but it can help you restore a loss following a boating accident. It can also help you restore damage to another party’s property, medical bills, and much more depending on your coverage.
How Boat Insurance Works in Colorado
Colorado boat insurance reimburses owners who have suffered a loss regarding their watercraft. This can be out on the water, while on the road, when in storage, and in many other scenarios. But how you are protected depends on your coverage.
There are several concerns that boaters may have, but they generally begin with liability. This includes both liabilities for property damage and bodily injury. The right coverage is going to protect you against viable threats to your watercraft and finances without having you overpay.
Your reimbursement can come in different forms:
- There is Actual Cash Value (ACV), which will take into consideration depreciation before providing reimbursement.
- Your policy may also use an Agreed Amount Value. This method provides policyholders with funds to reimburse the payment of repairs that are agreed upon by you and your insurance carrier when you first purchase your coverage.
Now that we’ve explored your options for reimbursement, it’s important to understand the different coverages available for boat insurance in Colorado. Different coverages protect in different ways and it’s important to understand your risks while protecting against them. The best way to do this is to audit your risk and speak with a licensed agent. Here are the most common coverages for boat insurance in CO:
Property Liability Coverage
Your property liability coverage helps protect your watercraft while on the water and on land from damage. Some policies also include protection against boat theft. Both ACV and Agreed Amount Value reimbursements are available and both help you mitigate your risk of paying for losses out of your own pocket.
Bodily Injury Liability Coverage
After an accident, if there are injuries, the expenses can start to pile up quickly. You may also be responsible for the loss of another party’s income and legal expenses if you’re not properly insured. Bodily injury liability coverage provides peace of mind and protects you financially.
Medical Payments Coverage
Having liability coverage is important, but medical expenses continue to rise and the guest parties in your watercraft may sustain their own injuries. Having medical payments coverage can help you mitigate the cost of medical expenses following an accident for your passengers.
Collision Coverage
Getting involved in an accident doesn’t always mean hitting another watercraft. There are several objects, such as trees or piers, that can cause serious damage to your watercraft. Collision coverage is boat insurance that helps you restore such losses.
Comprehensive Coverage
Sometimes, your watercraft may face a loss without any sort of accident at all. Comprehensive coverage helps restore losses related to weather, fire damage, natural disasters, and more.
Uninsured Watercraft Coverage
Not everyone carries boat insurance and if you’re involved in an accident with a watercraft without enough coverage, you’ll have to restore the loss on your own or resort to legal action. This protection can help you restore your losses in the aftermath.
Towing Coverage
Having a breakdown is a great way to ruin a fishing trip, especially if you have to spend hundreds of dollars on towing fees. This coverage helps you avoid such costs through affordable premiums that provide peace of mind while out on the water.
Salvage Coverage
The only thing worse than having to tow your watercraft is having to salvage it. Be prepared to spend thousands and if you attempt to do so without professional help, you’re only risking doing more damage. Salvage coverage protects your finances and helps you overcome this monumental task.
Additional Coverage Options
We understand that the needs of each boater are different, which is why we offer many coverage options for Colorado boat insurance. Here are some additional options that may help protect you against your individual risks:
- Water Sports Coverage to protect against injuries while enjoying such recreation on the water.
- Boat Theft Coverage should your boat insurance not initially cover you.
- Personal Property Protection to help protect against losses to personal property.
- Trailer and Boat Accessory Coverage to protect against non-permanent instruments/machinery otherwise not covered by other forms of insurance.
- Cruising Extension Coverage for traveling outside of the country.
- Consequential Damage Coverage protects your vessel from a variety of damages that can happen with general wear and tear.
The Different Types of Watercraft in Colorado
Colorado is home to over 107,000 miles of rivers as well as over 2,000 lakes and reservoirs. There are plenty of waterways to explore in diverse, stunning settings. This is also represented in the diverse types of watercraft Colorado boaters own. This includes:
- Fishing boats
- Cruisers
- Deck boats
- Dinghies and tender boats
- Personal watercraft (PWC), such as jet skis
- Sailboats
- Yachts
- High-performance boats
- Pontoon boats
How you protect your watercraft matters, which is why we here at Freedom Insurance Group work with a wide variety of coverage options to best fit your needs. From yacht insurance to sailboat insurance and any other watercraft coverage you need, we’re here to help protect you in the best way possible on a personal level.
Average Cost for Insurance on a Boat in Colorado
The average cost of boat insurance in Colorado can cost hundreds of dollars per year or even as much as $1,000 per year. There are several factors that go into calculating your premium. Here are some of the most common factors that affect the average cost of Colorado boat insurance:
- Your watercraft’s age
- The length of your watercraft
- The type of watercraft you need to insure
- Where you use your boat and where you live
- Various personal factors
- How and where your watercraft is stored when not in use
- Your policy’s deductible
- Your driving record
- Your claims record
These are just some of the many factors that boat insurance companies look at, and while some are in your control, not all are. By doing your part such as operating your watercraft in a safe manner and taking care of your watercraft, you can reduce your risks and keep your premiums low.
How Is Boat Insurance Calculated for Colorado Watercraft?
Boat insurance cost is determined by determining the amount of risk you pose as a client with your watercraft and the factors surrounding you. Boat insurance companies all look at the previously mentioned factors and will calculate your premiums based on the risk they determine you to possess.
Cheap boat insurance occurs when an owner has less risk and boaters with higher levels of risk, also face more expensive premiums. But that’s only part of the equation because different brands are going to look at your risk factors differently.
One boat insurance carrier may assess your risks and deem them not to be as large of a factor while another brand does. This is why even for the exact same coverage, boat owners can often find that they can be charged vastly different prices for protection.
It’s also the main reason why anyone shopping for boat insurance in Colorado needs to compare their coverage among multiple brands. By doing so, you can look at multiple premiums and find the lowest price available without leaving yourself exposed to risks by cutting coverage.
Colorado Boat Insurance Discounts Are Available
Comparing your coverage options is important, but so is shopping for discounts on boat insurance. While you won’t be able to qualify for every discount, there are plenty available, and you’re likely to find something to help lower your rates accordingly. Here are some common boat insurance discounts, as described by the Insurance Information Institute (III):
- Bundling your boat insurance with auto insurance and/or home insurance.
- Using a diesel-powered craft rather than a gas-powered one.
- Keeping Coast Guard-approved fire extinguishers on board.
- Supplying your watercraft with ship-to-shore radios.
- Have your crew complete a variety of safety courses offered by the Coast Guard Auxiliary, U.S. Power Squadrons, or the American Red Cross.
- Going multiple years without making a claim.
Will Boat Insurance Cover a Blown Engine in CO?
Blowing your motor is never ideal and while your boat insurance might cover it, you also might not be protected. The fact is, some boat insurance in Colorado covers blown motors and others don’t. Such protections vary from brand to brand as well as from policy to policy.
One thing that is virtually never covered, however, is a blown motor that stems from neglect by the owner. Either way, your motor’s warranty is most likely the best place to find protection against such losses. Speak with an insurance agent to best understand how your policy protects against a blown engine.
How To Save on Colorado Boat Insurance
There are many ways to save but the best way to enjoy cheap boat insurance is to compare your coverage among many different brands. We’ve already discovered that different carriers provide different rates for the same coverage, but comparing your coverage can do much more than provide a range of boat insurance quotes.
Here at Freedom Insurance Group, we’ve partnered with over 25 top-rated insurance carriers which allow us to pinpoint the lowest price for our clients. But we also provide our clients with more discount options, coverage options, and peace of mind knowing that they’re insured by financially sound companies capable of paying their claims after a loss.
From the Gunnison Valley to North Delaney Buttes Lake to Blue Mesa Reservoir, we’re here to help. Colorado boat insurance coverage doesn’t have to be a major expense. There are coverages available for your risk tolerance and budget. Contact our agents today to discover your options, protect your watercraft, and pay less for your premiums.
